We think a large part of our job as personal insurance brokers is to keep people informed about the insurance industry and how it relates to both policies and insurance rates. Currently, there are a lot of things happening in the industry that are affecting rates, renewals and coverages. As professional insurance advisors, we want to make sure everyone understands the current insurance landscape.
In November 2017, Joe Ceci issued an order limiting auto rate hikes to five percent. Sounds good for people looking for insurance. But in reality this rate cap has put insurance companies in a situation where they can no longer afford to do business in Alberta. In fact, many insurance companies are actively looking for ways to limit their growth in the auto insurance sector.
If you’re interested in reading more about the insurance landscape in Alberta here are a couple articles that are discussing the situation:
And as a last thought, now is a really good time to find out more about the rules around distracted driving in Alberta.